By Chris Becker
Weakness in tech stock earnings did not drag down US industrials, with the S&P500 gaining in a sea of red as European stocks floundered after a poor showing in Asia yesterday. The USD continued its very strong rally against the majors as the 10 year Treasury yield pipped above 3% in the first time in four years, but other sovereign bond yields remain stable. The economic calendar is starting to get crowded at the end of the week with the ECB rate meeting tonight, then the BOJ tomorrow plus US GDP.
Recapping stocks in Asia yesterday where the Shanghai Composite closed 0.35% lower to 3118 points, down throughout most of the session. This market continues to be under enormous pressure after its breakdown in early February and while support is building here, I’m expecting more downside pressure:
